Group 1: AI in Government - The Central Cyberspace Affairs Commission and the National Development and Reform Commission issued guidelines for the deployment of AI large models in government sectors, emphasizing the need for practical applications based on common and frequent demands in areas like public services and decision-making [2][3] - The guidelines stress the importance of standardized deployment, advising local governments to utilize existing resources and avoid creating isolated models, while enhancing data governance to support AI model optimization [2][3] Group 2: AI Model Management - The guidelines highlight the necessity of a comprehensive management system for AI models, focusing on reducing burdens while empowering departments, and preventing "digital formalism" [3] - Continuous iteration and optimization of AI models are deemed crucial, with a call for robust security management and strict confidentiality measures to mitigate risks associated with sensitive data [3] Group 3: Market Developments - The number of new A-share accounts opened in September reached 2.9372 million, a year-on-year increase of 60.73%, marking the second-highest monthly figure this year [15] - The Hong Kong Stock Exchange reported a total market capitalization of HKD 49.9 trillion as of September 30, 2025, reflecting a 35% year-on-year increase [15] Group 4: Company News - Wahaha confirmed the resignation of its chairperson, Zong Fuli, from various leadership roles within the company [4] - Zhiyuan Robotics denied rumors regarding its plans for an IPO in Hong Kong, labeling the reports as false [5] - Zeekr Technology's CBO, Guan Haitao, announced his departure from the company amid restructuring following a merger with Geely [6] Group 5: Regulatory Updates - The China Securities Regulatory Commission released three financial industry standards aimed at enhancing data governance and promoting digital transformation within the securities and futures sectors [10][11] - The Ministry of Transport announced new port fees for U.S. vessels starting from October 14, 2025, with a phased implementation of fees based on net tonnage [12] Group 6: Industry Performance - In September, wholesale sales of new energy passenger vehicles in China reached 1.5 million units, a year-on-year increase of 22% [19] - The number of ride-hailing orders recorded in September was 758 million, showing a 3.9% decrease from the previous month [20]

Core Insights - Chongqing is accelerating the development of artificial intelligence applications to enhance industrial quality and create a new landscape for intelligent manufacturing [1][6] Group 1: AI Applications in Industry - The "Jingjing Vision System" developed by MCC Saidi Information Technology can identify various anomalies in steel production with over 98% accuracy [1] - At the 2025 World Intelligent Industry Expo, Changan Automobile showcased its electric vertical take-off and landing aircraft, highlighting future collaborations in the low-altitude economy [2] - In 2024, Chongqing's new energy vehicle production is expected to reach 953,000 units, maintaining a leading position nationally [2] - The core AI industry in Chongqing is projected to reach 17.1 billion yuan in 2024, with a year-on-year growth of 13.6% [3] Group 2: Industrial Upgrades and Efficiency - Chongqing Hongjiang Machinery's smart production line has significantly improved efficiency, with one machine completing tasks in one minute that previously took several workers half a day [4] - The city has initiated 1,093 new technological transformation projects from January to August this year, supporting a 21.7% year-on-year increase in industrial investment [4] - The average production efficiency in Chongqing's digital workshops has improved by 57.6%, while operational costs have decreased by 22.7% [5] Group 3: Policy Support and Ecosystem Development - The city is focusing on building a sustainable manufacturing hub driven by AI, supported by advanced technology and innovation investments [6] - Chongqing is implementing policies to enhance the AI ecosystem, including the establishment of 30 industrial intelligent products and promoting collaboration between academia and industry [7] - The city is actively exploring AI development paths driven by real-world applications, leveraging its vast data resources and strong manufacturing base [7]

Core Insights - Chongqing is accelerating the development of artificial intelligence applications to enhance industrial quality and create a new landscape for intelligent manufacturing [1][6][7] Group 1: AI Applications in Industry - The intelligent visual system developed by China Metallurgical Group Corporation can identify various anomalies in steel production with over 98% accuracy [1] - In 2024, Chongqing's production of new energy vehicles is expected to reach 953,000 units, maintaining a leading position in the country [1] - The core AI industry in Chongqing is projected to reach a scale of 17.1 billion yuan in 2024, with a year-on-year growth of 13.6% [3][4] Group 2: Technological Innovations - The introduction of various AI-integrated products, such as bionic AI robotic dogs and commercial lawnmowers, showcases the technological advancements at the World Intelligent Industry Expo [2] - Chongqing's industrial sector has seen a 21.7% year-on-year increase in investment in technological transformation projects, with 1,093 new projects initiated from January to August [4][5] Group 3: Policy Support and Ecosystem Development - The city is focusing on building a robust ecosystem for AI-driven sustainable manufacturing, supported by policies that enhance collaboration, talent development, and technological innovation [6][7] - Chongqing has established 1,231 digital workshops and 211 intelligent factories, leading to an average production efficiency increase of 57.6% and a reduction in operating costs by 22.7% [5] Group 4: Research and Development Initiatives - The establishment of AI innovation platforms and research institutes is aimed at integrating industry, academia, and research to foster AI development [7] - The launch of the first batch of 30 industrial intelligent products at the expo indicates a systematic approach to transforming traditional R&D processes [7]

Core Viewpoint - The company held a half-year performance briefing on October 10, 2025, to provide investors with insights into its performance and address common concerns [1][3]. Group 1: Performance Briefing Details - The performance briefing was conducted online from 16:00 to 17:00, featuring participation from the company's board members and executives [3]. - The company announced that the 2025 stock incentive plan has been approved and is currently being implemented [4]. Group 2: Key Investor Questions and Responses - The company explained that the profit growth outpaced revenue growth in the first half of the year due to factors such as fixed cost dilution from increased sales volume, changes in sales structure, and effective cost control [4]. - The joint ventures with Guangxi Jinchuan Automotive Parts Manufacturing Co., Ltd. are controlled by the partner, with the company holding a 49% stake, meaning the revenue from these ventures is not included in the consolidated financial statements but accounted for under investment income [4]. - The company has expanded its customer base in both commercial and passenger vehicle markets, enhancing production scale and profitability through various cost-reduction strategies [4]. - The current annual production capacity for diesel/natural gas engine cylinder blocks and heads is approximately 700,000 sets, while the capacity for new energy hybrid engine components is around 2 million sets [4]. - The company maintains a flexible production system that allows for quick adjustments based on market demand and customer needs [4]. Group 3: Customer Base and Market Impact - The company has a diverse customer base, including major clients such as Foton Cummins, Dongfeng Cummins, and BYD, which mitigates the impact of sales fluctuations from any single customer [5]. - The company encourages investors to monitor its regular reports for updates on annual shipment volumes [5].

Core Insights - Vivo has launched an upgraded AI strategy and OriginOS 6, emphasizing the integration of AI and operating systems, marking a significant growth phase in AI value creation [1] - The competition among smartphone manufacturers is shifting from hardware specifications to ecosystem development, with a focus on establishing industry standards and ecological dominance [1] Group 1: AI and Technology Advancements - Vivo has made significant upgrades to its edge-side large models, enhancing functionalities such as emotional perception and long text rendering, aiming to lead globally in edge-side model capabilities [2] - The advancements in technology, particularly in emotional sensing and long text rendering, indicate a transition from "usable" to "user-friendly" in edge-side large models [2] - Vivo has over 200 patents in the operating system domain after eight years of development, with the new Blue River Smooth Engine achieving breakthroughs in system-level collaboration [3] Group 2: Ecosystem and Collaboration - The collaboration between Vivo and Xiaopeng Motors showcases the importance of car-machine interconnectivity, allowing seamless application flow from mobile to vehicle screens [4] - The trend of collaboration between smartphone manufacturers and automotive companies is growing, with examples including Huawei and Seres, and OPPO with Li Auto and SAIC [4] - The industry is witnessing a "warlord" scenario where companies like Huawei, Xiaomi, and OPPO are building their ecosystems, yet experts believe future development will focus on cooperative strategies [5]

汽车行业 超配（维持） 汽车行业双周报（2025/09/26-2025/10/09） 行 业 三部门调整减免车辆购置税新能源汽车产品技术要求 2025 年 10 月 10 日 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 S0340124020014 电话：0769-22117626 资料来源：iFinD，东莞证券研究所 分析师：刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 申万汽车行业指数涨跌幅：截至2025年10月9日，申万汽车板块近两周 上涨0.74%，跑输沪深300指数1.78个百分点，在申万31个行业中排名第 16名；申万汽车板块从9月初至今下跌0.39%，跑输沪深300指数1.87个 百分点，在申万31个行业中排名第28名；申万汽车板块从2025年初至今 上涨27.92%，跑赢沪深300指数8.24个百分点，在申万31个行业中排名 第9名。 周 报 研究助理：吴镇杰 SAC 执业证书 ...

公司本次发行上市尚需取得香港证券及期货事务监察委员会和香港联交所 等相关监管机构、证券交易所的批准或核准，该事项仍存在不确定性。公司将根 据该事项的进展情况依法及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 赛力斯集团股份有限公司董事会 2025 年 10 月 11 日 关于香港联交所审议公司发行 H 股的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 赛力斯集团股份有限公司（以下简称"公司"）正在进行申请发行境外上市 外资股（H股）并在香港联合交易所有限公司（以下简称"香港联交所"）主板上 市（以下简称"本次发行上市"）的相关工作。香港联交所上市委员会于2025年 10月9日举行上市聆讯，审议公司本次发行上市的申请。 公司本次发行上市的联席保荐人已于2025年10月10日收到香港联交所向其 发出的信函，其中指出香港联交所上市委员会已审阅公司的上市申请，但该信函 不构成正式的上市批准，香港联交所仍有对公司的上市申请提出进一步意见的权 力。 证券代码：601127 证券简称：赛力斯 公告编号：2025-08 ...

Core Viewpoint - Company is in the process of applying for the issuance of overseas listed foreign shares (H shares) and listing on the main board of the Hong Kong Stock Exchange [1] Group 1 - The Hong Kong Stock Exchange Listing Committee held a hearing on October 9, 2025, to review the company's listing application [1] - The joint sponsors of the company's issuance and listing received a letter from the Hong Kong Stock Exchange on October 10, 2025, indicating that the Listing Committee has reviewed the company's application [1] - The letter does not constitute formal approval for the listing, and the Hong Kong Stock Exchange retains the right to provide further comments on the company's application [1]

Core Viewpoint - The company, Seres (601127), is in the process of applying for the issuance of overseas listed foreign shares (H shares) and plans to list on the main board of the Hong Kong Stock Exchange [1] Group 1 - The Hong Kong Stock Exchange Listing Committee will hold a listing hearing on October 9, 2025, to review the company's application for issuance and listing [1] - The joint sponsors of the company's issuance and listing received a letter from the Hong Kong Stock Exchange on October 10, 2025, indicating that the Listing Committee has reviewed the company's listing application [1] - The letter from the Hong Kong Stock Exchange does not constitute formal approval for the listing, and the Exchange retains the right to provide further comments on the company's application [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a wholesale sales volume of 48,300 vehicles in September, representing a year-on-year increase of 8.33% and a month-on-month increase of 5.39%. The sales of new energy vehicles (NEVs) showed robust growth, with a total of 44,700 NEVs sold in September, up 19.44% year-on-year and 3.27% month-on-month. Other vehicle sales continued to face pressure year-on-year but improved month-on-month, with 3,608 units sold, down 49.66% year-on-year but up 41.16% month-on-month [5][13][15]. Summary by Sections Sales Performance - In September, the company achieved a wholesale sales volume of 48,300 vehicles, with NEVs accounting for 44,700 units. The NEV sales increased by 19.44% year-on-year and 3.27% month-on-month. Other vehicle sales were 3,608 units, down 49.66% year-on-year but up 41.16% month-on-month. For Q3, total sales reached 142,000 vehicles, a year-on-year increase of 6.31% and a month-on-month increase of 9.07% [5][13]. New Product Launches - The company has successfully launched several new models, including the AITO M5 Ultra, M9 2025 version, M8, and the all-new M7. Cumulatively, the AITO series has surpassed 800,000 deliveries, setting a record for the fastest delivery in the Chinese luxury NEV segment. The M9 has maintained its position as the market leader in the 500,000 yuan and above segment for 18 consecutive months, while the M8 has also performed well, with over 100,000 deliveries [13][15]. Financial Projections - The company expects revenues of 175.29 billion yuan, 232.30 billion yuan, and 247.22 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 20.74%, 32.53%, and 6.42%. The net profit attributable to shareholders is projected to be 10.155 billion yuan, 12.166 billion yuan, and 13.752 billion yuan for the same years, with growth rates of 70.79%, 19.80%, and 13.03% [15][16].